Legislators Propose Interest Rate Cap, But Will It Work?

Personal Loans

Legislators Propose Interest Rate Cap, But Will It Work?

Legislators Propose Interest Rate Cap, But Will It Work?

Congress is taking aim at high-rate, short-term lenders in the U.S. Representatives Matt Cartwright and Steve Cohn are joining forces with Senators Dick Durbin, Barbara Boxer, Richard Blumenthal, Jeff Merkley and Sheldon Whitehouse to establish a national usury limit for consumer credit transactions. Their targets are banks and finance companies that market payday- and account-advance... Read More

How I Got My Credit Score to 847

Credit 101

How I Got My Credit Score to 847

How I Got My Credit Score to 847

Before I had a credit card — before I even knew what a credit card was — I knew credit card debt was something to be avoided at all costs. I hadn’t yet graduated from banking of the piggy variety, and my mom already had me thinking about debt. She used my childhood curiosity as... Read More

Is Your Car Loan Too Expensive?

Auto Loans

Is Your Car Loan Too Expensive?

Is Your Car Loan Too Expensive?

As the U.S. economy recovers from the recession, many lenders have eased financing standards, resulting in an increase in loans available to consumers with poor credit. The earliest and strongest recovery came in the auto market, and while a bump in subprime used-car lending has triggered some murmuring of a bubble, it appears to be... Read More

At 3 Years Old, the CFPB Gives Americans a Soapbox

Personal Finance

At 3 Years Old, the CFPB Gives Americans a Soapbox

At 3 Years Old, the CFPB Gives Americans a Soapbox

America’s newest federal agency just turned 3 years old, and it continues to be the preferred punching bag for everyone from the American Bankers Association to politicians like Rep. Spencer Bachus (R-Ala.), who once famously and proudly proclaimed that, “Washington and the regulators are there to serve the banks.” The CFPB, on the other hand,... Read More

My Spouse Has Dementia & I Can’t Cancel His Credit Card

Credit Cards

My Spouse Has Dementia & I Can’t Cancel His Credit Card

My Spouse Has Dementia & I Can’t Cancel His Credit Card

A reader wrote to us to ask about canceling a credit card belonging to her husband, who has dementia. The card, which had never been used, had begun to charge an annual fee. She has power of attorney, but the card issuer still refused to allow her to close the account. She wrote: Since I can’t close the account... Read More

A New Challenge for First-Time Homebuyers?

Mortgages

A New Challenge for First-Time Homebuyers?

A New Challenge for First-Time Homebuyers?

The nation’s second-largest mortgage lender recently raised eyebrows after suggesting it might stop making FHA loans. JPMorgan Chase has already scaled back lending to lower-credit borrowers, citing the increased costs of foreclosure and regulatory action. But the firm’s chief executive went a step further in a conference call last week, noting Chase is “struggling” with... Read More

Want to Get Rid of Your Student Loans? Become a Nun!

Students

Want to Get Rid of Your Student Loans? Become a Nun!

Want to Get Rid of Your Student Loans? Become a Nun!

It takes more than fierce faith to answer a call to religious service. You also have to be debt-free. It’s a logical requirement — you’ll struggle to make necessary loan payments if you’ve taken a vow of poverty — but it’s also emerged as a significant obstacle to people hoping to join religious orders. A 2011 Georgetown... Read More

Looking for Student Loan Help From the Government? Good Luck

Students

Looking for Student Loan Help From the Government? Good Luck

Looking for Student Loan Help From the Government? Good Luck

Ever wonder what a company does about the consumer complaints it receives? If that “company” happens to be the U.S. Department of Education, the answer is nothing — at least according to a scathing report by the DOE’s Office of the Inspector General. In its July 2014 audit of the “Handling of Borrower Complaints against... Read More

3 Ways You’re Sabotaging Your Financial Freedom

Personal Finance

3 Ways You’re Sabotaging Your Financial Freedom

3 Ways You’re Sabotaging Your Financial Freedom

Hitting big in Vegas, winning the lottery, inheriting a fortune and inventing the next billion-dollar idea can be paths to financial freedom. Unfortunately for most of us, our own path instead requires some smart decision-making, discipline, budgeting and real work. No matter the size of your paycheck, your financial moves can make a big impact... Read More

CFPB Goes After Foreclosure Relief Scams

Mortgages

CFPB Goes After Foreclosure Relief Scams

CFPB Goes After Foreclosure Relief Scams

Today the Federal Trade Commission, Consumer Financial Protection Bureau and 15 states announced a slew of lawsuits against companies and individuals for allegedly misleading homeowners and illegally charging them for foreclosure relief that never came. The lawsuits are result of “Operation Mortgage Mismodification,” a joint investigation effort that revealed scams that cost consumers millions of... Read More

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